The following table shows data for a hypothetical economy in 2016 and 2017.Use the table to answer the questions that follow.| | 2016 | 2017 ||----------------------------|----------------------|----------------------|| **Population** | 800,000 | 808,000 || **Number of Hours Worked** | 1,250,000,000 | 1,250,000,000 || **Real GDP** | $10,000,000,000 | $10,504,000,000 || **Real GDP per Person** | $ | $ || **Labor Productivity** | $ | $ |- The growth rate of the population between 2016 and 2017 is ___.- Calculate real GDP per person in 2016 and 2017 and enter the values in the previous table.- The growth rate of real GDP per person between 2016 and 2017 is ___.- Calculate labor productivity in 2016 and 2017, and enter the values in the previous table. (**Note:** Enter your answer to the nearest penny.) **Hint:** Labor productivity is equal to real GDP divided by the number of hours worked, so the unit of measurement is dollars per hour.- Based on your calculations, the growth rate of labor productivity between 2016 and 2017 is ___.- Assuming that real GDP per person is a good measure of living standards, between 2016 and 2017, living standards __________ for which of the following reasons? - The number of hours worked remained the same. - Population growth outpaced productivity growth. - Productivity growth outpaced population growth.

Real GDP per Person:Real Gross Domestic Product per person is a measure of the economic output per…

The following table shows data for a hypothetical economy in 2016 and 2017. Use the table to answer the questions that follow. Population Number of Hours Worked Real GDP Real GDP per Person Labor Productivity 2016 800,000 1,250,000,000 $10,000,000,000 $ $ 2017 808,000 1,250,000,000 $10,504,000,000 $ $ The growth rate of the population between 2016 and 2017 is

The following table shows data for a hypothetical economy in 2016 and 2017. Use the table to answer the questions that follow. Population Number of Hours Worked Real GDP Real GDP per Person Labor Productivity 2016 800,000 1,250,000,000 $10,000,000,000 $ $ 2017 808,000 1,250,000,000 $10,504,000,000 $ $ The growth rate of the population between 2016 and 2017 is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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